MARVEL GOLD LIMITED — Major Shareholding Notification 2021

Aug 11, 2021

603 Page 1 of 4 15 July 2001

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme Marvel Gold Limited

ACN/ARSN 610 319 769

1. Details of substantial holder (1)

Deutsche Balaton Aktiengesellschaft, Heidelberg, Germany VV Beteiligungen Aktiengesellschaft, Heidelberg, Germany DELPHI Unternehmensberatung Aktiengesellschaft, Heidelberg, Germany

Wilhelm K.T. Zours, Heidelberg, Germany

ACN/ARSN (if applicable)

The holder became a substantial holder on 11/08/2021

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Fully paid ordinary shares	66,951,853	66,951,853	11.56%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Deutsche Balaton Aktiengesellschaft	Registered Holder	ordinary shares, 41,666,667
VV Beteiligungen Aktiengesellschaft	Major Shareholder of Deutsche Balaton Aktiengesellschaft	ordinary shares, 41,666,667
DELPHI Unternehmensberatung Aktiengesellschaft	Registered Holder, Holding Company of VV Beteiligungen Aktiengesellschaft	ordinary shares, 66,951,853
Wilhelm K.T. Zours	Major Shareholder of DELPHI Unternehmensberatung Aktiengesellschaft	ordinary shares, 66,951,853

603 Page 2 of 4 15 July 2001

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of Securities	Person entitled to be registered asholder(8)	Class and number of securities
Deutsche Balaton Aktiengesellschaft	Deutsche Balaton Aktiengesellschaft		ordinary shares, 41,666,667
VV Beteiligungen Aktiengesellschaft	Deutsche Balaton Aktiengesellschaft		ordinary shares, 41,666,667
DELPHI Unternehmensberatung Aktiengesellschaft	Deutsche Balaton Aktiengesellschaft, DELPHI Unternehmensberatung Aktiengesellschaft		ordinary shares, 66,951,853
Wilhelm K.T. Zours	Deutsche Balaton Aktiengesellschaft, DELPHI Unternehmensberatung Aktiengesellschaft		ordinary shares, 66,951,853

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
DELPHI Unternehmensberatung Aktiengesellschaft	25.06.2021	$0.0490 per share		ordinary shares, 2,725,069
DELPHI Unternehmensberatung Aktiengesellschaft	28.06.2021	$0.0490 per share		ordinary shares, 1,108,747
DELPHI Unternehmensberatung Aktiengesellschaft	29.06.2021	$0.0510 per share		ordinary shares, 2,000,000
DELPHI Unternehmensberatung Aktiengesellschaft	29.06.2021	$0.0520 per share		ordinary shares, 144,463
DELPHI Unternehmensberatung Aktiengesellschaft	30.06.2021	$0.0520 per share		ordinary shares, 67,018
DELPHI Unternehmensberatung Aktiengesellschaft	19.07.2021	$0.0520 per share		ordinary shares, 640,000
DELPHI Unternehmensberatung Aktiengesellschaft	22.07.2021	$0.0520 per share		ordinary shares, 1,933,223

603 Page 3 of 4 15 July 2001

Deutsche Balaton Aktiengesellschaft	11.08.2021	$0.0600 per share		ordinary shares, 41,666,667
DELPHI Unternehmensberatung Aktiengesellschaft	11.08.2021	$0.0600 per share		ordinary shares, 16,666,666

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
VV Beteiligungen Aktiengesellschaft	VV Beteiligungen Aktiengesellschaft is the major shareholder of Deutsche Balaton Aktiengesellschaft.
DELPHI Unternehmensberatung Aktiengesellschaft	DELPHI Unternehmensberatung Aktiengesellschaft is the only shareholder of VV Beteiligungen Aktiengesellschaft. VV Beteiligungen Aktiengesellschaft is the major shareholderof DeutscheBalaton Aktiengesellschaft.
Wilhelm K.T. Zours	Mr. Zours is the major shareholder of DELPHI Unternehmensberatung Aktiengesellschaft. DELPHI Unternehmensberatung Aktiengesellschaft is the only shareholder of VV Beteiligungen Aktiengesellschaft. VV Beteiligungen Aktiengesellschaft is the major shareholder of Deutsche Balaton Aktiengesellschaft.

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Deutsche Balaton Aktiengesellschaft	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany
VV Beteiligungen Aktiengesellschaft	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany
DELPHI Unternehmensberatung Aktiengesellschaft	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany
Wilhelm K.T. Zours	69120 Heidelberg, Germany

Signature

print name sign here	Alexander Link capacity Member Management Board
	date 11/08/2021
	DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

603 Page 4 of 4 15 July 2001

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

• See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.